We Like These Underlying Return On Capital Trends At Tootsie Roll Industries (NYSE:TR)
We Like These Underlying Return On Capital Trends At Tootsie Roll Industries (NYSE:TR)
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for? Amongst other things, we'll want to see two things; firstly, a growing return on capital employed (ROCE) and secondly, an expansion in the company's amount of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. With that in mind, we've noticed some promising trends at Tootsie Roll Industries (NYSE:TR) so let's look a bit deeper.
如果我們想找到一隻可以長期成倍增長的股票，我們應該尋找哪些潛在趨勢？除其他外，我們希望看到兩件事；首先，成長 返回 論資本使用率（ROCE），其次是公司的擴張 金額 所用資本的比例。如果你看到這一點，這通常意味着它是一家擁有良好商業模式和大量盈利再投資機會的公司。考慮到這一點，我們注意到Tootsie Roll Industries（紐約證券交易所代碼：TR）的一些令人鼓舞的趨勢，所以讓我們更深入地了解一下。
Understanding Return On Capital Employed (ROCE)
了解資本使用回報率 (ROCE)
For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. Analysts use this formula to calculate it for Tootsie Roll Industries:
對於那些不知道的人來說，ROCE是衡量公司年度稅前利潤（其回報率）的指標，相對於該業務使用的資本。分析師使用這個公式來計算 Tootsie Roll Industries 的計算公式：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
已動用資本回報率 = 息稅前收益 (EBIT) ¥（總資產-流動負債）
0.12 = US$112m ÷ (US$1.1b - US$106m) (Based on the trailing twelve months to September 2023).
0.12 = 1.12 億美元 ¥（11 億美元-1.06 億美元） （基於截至2023年9月的過去十二個月）。
So, Tootsie Roll Industries has an ROCE of 12%. That's a relatively normal return on capital, and it's around the 10% generated by the Food industry.
因此，Tootsie Roll Industries的投資回報率爲12％。這是相對正常的資本回報率，大約是食品行業產生的10％。
While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Tootsie Roll Industries has performed in the past in other metrics, you can view this free graph of Tootsie Roll Industries' past earnings, revenue and cash flow.
雖然過去並不能代表未來，但了解一家公司的歷史表現可能會有所幫助，這就是我們上面有這張圖表的原因。如果你想在其他指標中查看Tootsie Roll Industries過去的表現，你可以查看這張Tootsie Roll Industries過去的收益、收入和現金流的免費圖表。
What The Trend Of ROCE Can Tell Us
ROCE 的趨勢能告訴我們什麼
Tootsie Roll Industries has not disappointed with their ROCE growth. Looking at the data, we can see that even though capital employed in the business has remained relatively flat, the ROCE generated has risen by 42% over the last five years. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. On that front, things are looking good so it's worth exploring what management has said about growth plans going forward.
Tootsie Roll Industries對投資回報率的增長並沒有感到失望。從數據來看，我們可以看到，儘管該業務中使用的資本保持相對平穩，但在過去五年中，產生的投資回報率增長了42％。基本上，該業務正在從相同數量的資本中獲得更高的回報，這證明了公司的效率有所提高。在這方面，情況看起來不錯，因此值得探討管理層對未來增長計劃的看法。
The Bottom Line
底線
To bring it all together, Tootsie Roll Industries has done well to increase the returns it's generating from its capital employed. Since the stock has only returned 3.2% to shareholders over the last five years, the promising fundamentals may not be recognized yet by investors. So with that in mind, we think the stock deserves further research.
綜上所述，Tootsie Roll Industries在增加其資本所產生的回報方面做得很好。由於該股在過去五年中僅向股東回報了3.2％，因此前景良好的基本面可能尚未得到投資者的認可。因此，考慮到這一點，我們認爲該股值得進一步研究。
Before jumping to any conclusions though, we need to know what value we're getting for the current share price. That's where you can check out our FREE intrinsic value estimation for TR that compares the share price and estimated value.
但是，在得出任何結論之前，我們需要知道當前股價將獲得什麼價值。在這裏，您可以查看我們對TR的免費內在價值估算，該估算值比較了股價和估計價值。
For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.
對於那些喜歡投資穩健公司的人，可以查看這份資產負債表穩健和股本回報率高的公司的免費清單。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論，我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議，也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意，我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之，華爾街沒有持有任何上述股票的頭寸。
譯文內容由第三人軟體翻譯。